ES Journal - 2019/2020

[Buy1Sell2]

The banks are cheap for a reason B1. Dimon shoring up for bad loans. Regional's are gonna be ugly.
Buybacks on hold.
XLF is up .$0.04 .... after Dimon's conference call. Hardly a barn-burner day.

It's early. Mark this day down as the day that financials began their move higher----much much higher. Please bookmark posting.

 

[SPYgrain]

Dow up 250...NQ down 90-95 - rare magnitude of divergence

 

[syswizard]

Who has the best traders ? JP Morgan or Goldman Sachs ? We'll soon find out.
From the JP Morgan report:

Trading revenue surged 79% to a record $9.7 billion as bond and equities trading exceeded expectations.
Bond traders posted revenue of $7.3 billion, a 120% increase from a year earlier, crushing the $5.84 billion estimate by almost $1.5 billion. Equities traders posted revenue of $2.4 billion, beating the $2.07 billion estimate.

 

[vanzandt]

It's early. Mark this day down as the day that financials began their move higher----much much higher. Please bookmark posting.

Well considering XLF is the same price it was in 2008 and also 2016, one would think it should be up from here. A 20% move higher will put it over $28. How long are you willing to wait for that? What's an individual name?

 

[Relentless]

Dow up 250...NQ down 90-95 - rare magnitude of divergence

Do you think this is some kind of tell, say maybe frothiness up here - or for example maybe just some rotation out of hot mega cap tech into financials / industrials / etc.?

 

[Gaslight Capital]

Moderna says phase 3 virus vaccine trial to begin on July 27, 2020.

Must be a downtick out there somewhere.

 

[Spooz Top 2]

how do u define what your quota is for the day ? Is it a money goal or point total

Traders need structure in their day... one should always have a defined goal for the day... a defined goal to strive for & once it is hit.. thats it for the day... go out on a high note & bring that Momentum into next session... for me it`s a monetary goal....

The goal should be attainable & reasonable yet something that you need to strive for....

 

[SPYgrain]

Do you think this is some kind of tell, say maybe frothiness up here - or for example maybe just some rotation out of hot mega cap tech into financials / industrials / etc.?

believe it's underlying strength, not 100%...what do you think relent?

 

[tiddlywinks]

Do you think this is some kind of tell, say maybe frothiness up here - or for example maybe just some rotation out of hot mega cap tech into financials / industrials / etc.?

This is due to the ES component weightings. Not a divergence. More of a tell of broader market weakness imo. I'm pretty sure each of the 100 NQ stocks and the 30 YM stocks are part of ES... there are 370 other stocks in ES too.

 

[Hooti]

Hooti does this work for you ? I’ve always found waiting for momentum bars is almost always a losing proposition. I have a rule that states I’m only allowed to place buy orders on down bars and short orders on up bars. This is ES only. Es is too choppy to be waiting for momentum.

...I have my primary goal for the day met so can respond
A momentum bar works for me because I have a "scalp and slide" trade management strategy. At least that is the way I think of it. I am a swing trader on the scale of a day trader. But I take a small scalp with the majority of my position first, and let the rest run. The scalp is a small enough target to have a high win rate off a momentum bar.
The scalps are like base hits. This is really all I need for the day. When a 'slider' comes in... a home run? I like those also!
This is a personality thing. The scalp high win rate feels good and may be a security thing... it is extra work, but satisfies.
And on slow days, the small scalps, with size, can get you to your daily profit target and you can be done and have TIME for going out and living a life.
............

Quota hit for the day ... will keep pushing against my rules...

Love this quote...
"will keep pushing against my rules..."